MILWAUKEE, Wis., March 22, 2006 (PRIMEZONE) -- Ademi & O'Reilly, LLP filed a class action lawsuit in the United States District Court, Eastern District of Wisconsin, Milwaukee Division, on behalf of all persons who purchased Merge Technologies, Inc. ("Merge" or the "Company") (Nasdaq:MRGE) securities between August 2, 2005 through March 16, 2006, inclusive (the "Class Period"), against defendants Merge Technologies, Inc., d/b/a Merge Healthcare, Richard A. Linden, the Company's CEO, President, Director and Chairman of the Executive Committee, and Scott T. Veech, the Company's CFO, Secretary and Treasurer.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Guri Ademi at 866/264-3995 or via e-mail at gademi@ademilaw.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.ademilaw.com/cases/Merge.pdf. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint alleges that despite the Company's representations that its merger with Cedara Software Corp. was highly successful and that the Company maintained a strong financial position, in fact: (1) the Company lacked adequate internal controls; and (2) the Company's financial statements for the second and third quarters of 2005 were unreliable; and (3) the Company's financial projections were irresponsible considering the knowledge defendants possessed concerning the Company's actual financial situation.
On March 17, 2006, Merge reported, inter alia: (1) that the accounting improprieties necessitated that management delay the completion of its financial statements for the fiscal year ended December 31, 2005; (2) that its audit committee, with the assistance of outside counsel, was investigating anonymous complaints; (3) that it anticipates a report of material weaknesses in the Company's internal control over financial reporting; (4) the suspension of its registration statement on Form S-3 relating to issuance of common stock upon exchange of exchangeable shares of "Merge/Cedara ExchangeCo Ltd.;" and (5) that its audit committee concluded that its previously issued financial statements for the second and third quarters 2005, should no longer be relied upon.
Plaintiff seeks to recover damages on behalf of all purchasers of Take-Two common stock during the Class Period. The plaintiff is represented by Ademi & O'Reilly, LLP, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.